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Aditya Birla's Term Plan Claim Settlement Ratio
The Claim Settlement Ratio (CSR) indicates the total number of claims settled by an insurance company. Each year, the Insurance Regulatory and Development Authority of India (IRDAI) publishes the CSR of every insurer in its annual report.
For the financial year 2022-23, Aditya Birla reported a CSR of 98.12%, which is higher than their previous financial year's CSR of 98.07%.
Why is the Claim Settlement Ratio Important Before Purchasing a Term Plan?
Here are the reasons why knowing the CSR is crucial before purchasing an Aditya Birla term plan:
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Company Reliability
The Claim Settlement Ratio (CSR) reflects a company's reliability among its customers. It also indicates the company's commitment to settling claims when policyholders need it most. It is advisable to check the CSR for at least five years before making a purchase.
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Secure Your Financial Future
Knowing the Claim Settlement Ratio (CSR) helps customers determine an insurer's credibility regarding claim settlement. A good CSR offers a secure future and peace of mind.
Aditya Birla Term Plan: Last 5 Years' Claim Settlement Ratios
Below is the data for Aditya Birla's Term Plan CSR over the last five years:
| Year | CSR |
|---|---|
| 2021-2022 | 98.07% |
| 2020-2021 | 98.04% |
| 2019-2020 | 97.54% |
| 2018-2019 | 97.15% |
| 2017-2016 | 96.38% |
What is the Claim Procedure for Aditya Birla Term Plans?
Here are the steps for settling a claim with Aditya Birla Term Plans:
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Claim Intimation
The first step is to inform the company about the incident. You can inform the company through SMS, calls, or by visiting a branch office.
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Document Submission
After intimation, the following documents are required, depending on the type of death:
| Reason of Death | Documents |
|---|---|
| Natural Death (Early Policy Period) |
|
| Natural Death (Non-Early Policy Period) |
|
| Unnatural Death (Accident, etc.) |
|
